CC MINUTES 01081985 - Laserfiche WebLink

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-4- their recommendations to the H.R.A. for final adoption. In his January 4th cover letter, the H.R.A. Consultant had indicated he would anticipate both the Council and H.R.A. should be able to take action on the Plan at their first meetings in February. In his presentation, Mr. Krier touched briefly on the various goals and objectives of the Plan and emphasized that the captured asset value for 32 townhomes at $82,000 each, could be expected to advance the existing $65,000 assessed value of the property to the "captured assessed value" of almost three-quarters of a million dollars in the year 2000. , This represented an assumed increase in taxable valuation for the school district of almost -11%; 13% to the City, and 1% for the County. The Con- sultant. assummed these assumptions .to mean that under Tax Increment financing, the expenditure of a few dollars by the City now for land acquisition for both this and the Kenzie Terrace project would result in a very good return of their investment for the community in the long run. A question was raised regarding the retention of the same land use for this property for 20 years, which was spelled out on page 12 of the -Plan and Mr. Soth said such a covenant would be addressed in the Redevelopers Agreement as a deed restriction. Mr. Krier reiterated the purpose of the Tax ,Increment Plan which he perceived to be the elimination of existing blight to develop the Walbon property into owner occupied housing. The Consultant reiterated the redevelopment activities involved in the acquisition of the Walbon property, the relocation of the property owners and exist- ing three business tenants and two residential rental units, and demolition of the existing structure on the parcel . He indicated the costs for acquisition, relocation, demolition, and, administration are estimated :to be $578,900, of which $370,000 would be financed from Tax Increment and $208,000 would be paid from the sale of the land • to the redeveloper who would construct .the townhomes. The Plan packet also included the cash flow projections for the project by Springsted, Inc. , the site plans for the project proposed by the redeveloper, Brighton Development Corporation, and various documents reporting on the financial feasibility of that company. Councilman Marks requested the wording on .page 19 of the Plan be amended to indicate the project would have to conform to the City's Comprehensive Plan and other changes on pages 4, 5,- 17, and 18, suggested by the Attorney and Consultant, were also accepted. Councilman Marks commented that he perceived the redevelopment of the Walbon property would satisfy a long-desired need for the community, which the -four neighbors who were present, affirmed by nodding their heads. The hearing was closed at 8:25 P.M. Motion by Councilman Marks and seconded by Councilman Makowske to accept .the Old Highway 8 Redevelopment/Tax Increment Plan for the redevelopment of the Walbon property at the intersection of 33rd Avenue J.E. and Old Highway 8 and. to refer the Plan to the St. Anthony .Housing and Redevelopment Authority for further action, .as set forth in Mr. Krier's January 8th memorandum. Motion carried unanimously. Motion by Councilman Enrooth and seconded by Councilman Marks to accept the proposal from Adri-an Helgeson and Company for the 1984 City Financial audit, as proposed in their December 12th letter to the City Manager. Motion carried unanimously.